Risk Management for Homeowners

​As a homeowner, being aware of your risks and taking action to limit your liabilities can help you protect your most valuable assets. Learn how to take control and manage risk in today’s increasingly litigious world.

5 Questions to Ask

In insurance, “risk” refers to the possibility of a loss or other adverse event for which an insurance claim may be submitted. From a homeowner’s perspective, risk management can be as simple as addressing these 5 questions:

Benefits of Managing Risk

A clear understanding of all of the risks you may encounter as a homeowner allows you to measure and prioritize them. As well, it gives you the opportunity to take appropriate steps to reduce the potential for loss. Other benefits include:

Litigation Risks

It’s important to safeguard your home and its occupants. You could be held liable if an extended family member, friend, guest, courier, contractor or babysitter is injured while on your property. Be aware of the following:

People are now more likely to sue.

Taking steps to prevent or reduce the possibility of injury could help in defending against a claim. Learn about mitigation techniques you can put into practice around your home.

Courts are often sympathetic to injured claimants and give them the benefit of the doubt.

Homeowners are held to very high standards of responsibility.

People are more aware of the recourses they can take if they believe they have been wronged.